What makes an economically ideal student? An individual who has decided to invest in college but has financial problems must work to afford his or her education. Using the data made available in the U.S., we show that young students with better grades earn more. Then, within the framework of utility maximization model, we try to explain theoretically and empirically the student behavior with respect to the problem of time allocation among employment, education, and leisure. We estimated in particular a linear version of demand function for number of hours to study. The empirical results identify the variables which determine a college student's commitment to an educational program. The life styles in Japan seem to be changing. Many will reconcile work and study until retirement rather than attending schools while young and then concentrating on work until around 60. How to allocate time between employment and education is to become an important problem in such a society.